Print Page | Contact Us | Report Abuse | Sign In | Register
Graphene Updates
Blog Home All Blogs

£5 million Innovate UK Loan Agreement

Posted By Graphene Council, Thursday, July 2, 2020
Versarien plc the advanced materials engineering group, is pleased to announce that the Company has been awarded a legally binding £5 million loan facility ("the Loan") by Innovate UK Loans Limited, a wholly owned subsidiary of UK Research and Innovation.

Innovate UK has been running an extended pilot innovation loans programme over the past three years with £75 million committed to the scheme with normal loan amounts of up to £1million. The innovation loans are targeted at UK small or medium-sized enterprises (SME) that want to scale up and grow by developing new or improved products, processes or services, as well as late-stage research and development projects that have not yet reached the point of commercialisation.

The UK Government, via Innovate UK, has agreed to the provision of the £5 million Loan to Versarien, the first of such magnitude by Innovate UK specifically for a project named G SCALE, (an acronym for Graphene-Seat, Concrete, Arch, Leisure, Elastomer) which is designed to enable Versarien to significantly increase its manufacture of quality assured graphene.

The award of the loan, which occurred  on 1 July 2020, follows a rigorous process of innovation assessment and is intended to facilitate the production of sufficient quantities of graphene by Versarien to enable market supply of commercial quantities of graphene-enhanced materials.

Loan repayments will commence 45 months after drawdown and be paid over a subsequent period of 36 months.  The Loan attracts at an interest rate of 7.4% per annum with half of the interest deferred until the repayment period commences.  The loan includes normal commercial financial covenants, together with certain operational covenants designed for UK IP protection.

The loan will be available for drawdown following perfection of normal commercial security arrangements in eight quarterly tranches, the first of which drawdowns is expected within the next month. Further, details concerning the Loan will be provided upon the completion of security documentation, which will be announced in due course.

Neill Ricketts, CEO of Versarien, commented: "Versarien is delighted to have been awarded this loan by Innovate UK, which acknowledges the work we are undertaking and advancements made Our vision for the business also sits within the context of the UK government's industrial strategy 'Grand Challenges', which is focused on clean growth, the ageing society, AI and the data economy and the future of mobility. The loan will help Versarien step up its graphene production capacity so that we can expedite the commercial adoption of graphene enhanced materials"

Tags:  Graphene  graphene-enhanced materials  Innovate UK  Neill Ricketts  Versarien 

Share |
PermalinkComments (0)
 

Versarien PLC 2-DTech awarded grant

Posted By Graphene Council, Tuesday, April 28, 2020
Versarien plc is pleased to announce that its subsidiary, 2-DTech Limited ("2-DTech") has been awarded a grant of up to GBP104k from the Advanced Propulsion Centre ("APC"). The award is part of APC's GBP1 million-plus initiative to support 14 micro, small and medium-sized companies that are developing innovative low-carbon technologies to significantly reduce vehicle emissions.

This grant funding comes as part of a phased 18-month process through the APC's successful Technology Developer Accelerator Programme (TDAP), which is one of APC's funding streams that supports smaller organisations on their journey from concept to a viable commercial product. In addition to the financial backing, 2-DTech will also benefit from additional support to help identify routes to market, protect intellectual property and validate its technology.

Neill Ricketts, Chief Executive of Versarien commented: "TDAP has selected what it sees as the most exciting SME technological innovators in the UK, supporting the efforts of those most capable of delivering future solutions for zero emission vehicles. Its support is a great endorsement of 2-DTech and the work it is doing to develop graphene-enhanced lightweight materials and powertrain structures."

TDAP Manager from the Advanced Propulsion Centre, Josh Denne said: "We are delighted to be working with 2-DTech as part of our Technology Developer Accelerator Programme (TDAP). At the APC we are committed to working with micro, small and medium organisations developing innovative low-carbon technologies. Companies such as 2-DTech play a crucial role in the automotive industry's net zero carbon future. By supporting them at the beginning of their journey we hope to ensure their innovative technology becomes commercially viable."

Tags:  2-DTech  Advanced Propulsion Centre  Graphene  Josh Denne  low-carbon  Neill Ricketts  Versarien 

Share |
PermalinkComments (0)
 

Rolls-Royce chooses to partner with GEIC and 2-DTech

Posted By Graphene Council, Thursday, April 23, 2020
Versarien plc is pleased to announce that, following an open innovation call, multinational engineering company Rolls-Royce has selected to work with The University of Manchester's Graphene Engineering Innovation Centre and its Tier 1 partner, Versarien subsidiary, 2-DTech Limited.

The initial programme of work will use the state-of-the-art chemical vapour deposition (CVD) equipment located within the GEIC. The collaboration will look to explore, understand and create technological advances surrounding the use of graphene and other 2D materials used in wiring for next-generation aerospace engine systems.

The work conducted will seek to use the unique properties of these 2D materials to reduce the weight of electrical components, improve electrical performance and also increase resistance to corrosion of components in future engine systems.

The programme aims to present potential economic benefits, through the possibility of significant cost reductions, and global environmental benefits, through the reduction of energy use and lower emissions from electrification.

Neill Ricketts , Chief Executive of Versarien commented:
"The pursuit of sustainability has become an important goal for many companies in recent years. Rolls-Royce is one of the world's leading industrial technology companies and today, the size and impact of the markets its serves makes this task more urgent than ever. Taking advantage of advanced materials such as graphene, has the potential to revolutionise these markets and add real benefit.

" The partnership with Rolls-Royce is a significant endorsement to 2-DTech's work over the years and we are delighted it has been chosen by such a renowned business and look forward to working together."  

Dr Al Lambourne , Materials Specialist at Rolls - Royce, commented:
" Partnering with the GEIC and its members makes perfect sense to Rolls-Royce as we explore the opportunities and properties of a new class of 2D materials. Using the unique capabilities of 2-DTech and the GEIC we hope to address some of the challenges facing materials in the global aerospace industry , as we pioneer the electrification of future aircraft . "

James Baker, Graphene@Manchester CEO, commented:
"The GEIC is intended to act as an accelerator for graphene commercialisation, market penetration and in the creation of the material supply chain of graphene and 2D materials. It's great to see a company like Rolls-Royce partner with us and our other Tier 1 member, 2-DTech, to capitalise on our world-leading expertise and experience, along with specialist equipment, which will accelerate the product and process development and market entry."

Tags:  2D materials  2-DTech  Aerospace  Al Lambourne  chemical vapour deposition  corrosion  Graphene  Graphene Engineering Innovation Centre  James Baker  Neill Ricketts  Rolls-Royce  University of Manchester  Versarien 

Share |
PermalinkComments (0)
 

Versarien PLC - China Update

Posted By Graphene Council, Tuesday, March 31, 2020
Versarien plc the advanced materials engineering group, is pleased to provide an update on its progress in China, previously announced on 15 April 2019 and referenced in more recent Company announcements including those on 9 August 2019, 24 September 2019, 12 December 2019 and 25 February 2020.

Versarien Graphene (Hong Kong) Limited, a wholly-owned subsidiary of Versarien has signed a joint venture agreement ("Agreement") with Young-Graphene (Beijing) Technology Company Limited ("YG"). YG has appointed the Secretary General of the China International Graphene Industry Union ("CIGIU") to act for it in this matter and is supported by both CIGIU and Beijing Institute of Graphene Technology Co. Ltd ("BIGT"). Versarien's wholly foreign owned enterprise (Beijing Versarien Technology Co., Ltd. ("BVT")) will become the joint venture company with YG for the development of its activities in China ("PRC").

Key Highlights (to be read in conjunction with further details set out below):

· Agreement signed with YG to form a 50%-owned Chinese Joint Venture (the "Joint Venture" or "JV") for the development of applications for Versarien's technologies in the region.

· RMB1 million (c.£121,000) initial investment each by Versarien and YG over the next 12 months subject to certain milestones.

· The Joint Venture will have exclusive use of Versarien's technologies in the PRC. Versarien will retain rights to its existing technologies and intellectual property, with newly developed intellectual property being retained by the JV and/or the end users.

· Agreement includes, and is contingent on, a commitment by YG to procure subscription for Versarien ordinary shares from third parties in three tranches, which in aggregate will total up to 15% of Company's current issued share capital ("Versarien Share Subscriptions").

· Half of any gross funds raised in these subscriptions will be committed to investment in the JV's activities in the PRC.

· Any investment remains subject to, inter alia, further due diligence and agreeing acceptable terms and there can be no certainty that any of these subscriptions will occur.   

Summary of Main Terms (such terms to be governed by the laws of the PRC)

· YG and VGHK will each subscribe to an increase in the share capital of BVT, in an amount of RMB1 million (approximately £121,000) each so that VGHK and YG shall each hold 50% of BVT's registered share capital. BVT will retain its name as Beijing Versarien Technology Co., Ltd ("BVT"). The capital contribution to BVT by YG shall be paid in cash instalments within one year according to the business needs of BVT. The capital contribution to BVT by VGHK of RMB1 million shall be paid in cash within thirty days of either: (i) Versarien receiving technology license fees, technical service fees or other income totaling no less than RMB35 million (approximately £4.2 million) from the Head Licence agreement referred to below; or (ii) Versarien receiving the first equity investment tranche arising from a placing of 5% of its issued share capital to investors to be procured by YG (see below for further details).

·Versarien will introduce to the PRC the graphene technologies owned or developed by Versarien (the "Versarien Technologies") initially through the Graphene Seed Incubation Park located in Beijing.

· Versarien will grant exclusivity to BVT for the use and promotion of the Versarien Technologies in the PRC providing certain terms are met in relation to a placing of new ordinary shares of Versarien.

· Once an end user or third-party collaborator of Versarien's technologies in the PRC (the "End User") is identified by BVT, Versarien and BVT shall jointly discuss and negotiate the terms of a technology license to or collaboration with the End User. Once all the terms and conditions of the use of Versarien Technologies are finalised by the relevant parties, Versarien shall enter into a technology license or collaboration agreement with BVT (the "Head License Agreement") in order for BVT to sub-license the Versarien Technologies to, or further collaborate with, the End User, under a separate agreement entered into with the End User (the "Sub-License Agreement").

· The terms and conditions of the Head License Agreement and those of the Sub-License Agreement shall be the same except that the license fees (including related technical service fees) under the Head License Agreement shall be 70% of the license fees under the Sub-License Agreement. The remaining 30% of the license fees under the Sub-License Agreement will be retained by BVT to fund its operating and management costs.

· Versarien will remain the owner of existing Versarien Technologies intellectual property licensed to the End User under the Head License Agreement and Sub-License Agreement. Any new technologies or new intellectual property generated during the process of promotion and industrialisation of Versarien Technologies by BVT shall belong to BVT or jointly belong to BVT and the End Users.

Equity Investment in Versarien

The Agreement also sets out the conditional heads of terms for a staged equity investment in Versarien on the following terms. In particular:

·The Joint Venture is conditional on Versarien receiving a strategic equity investment of up to 15% of its current issued share capital in three equal instalments with a long-stop date of 30 June 2021. Within five business days after receiving each instalment of subscription proceeds for the Versarien Share Subscriptions, Versarien will remit 50% of the gross proceeds of the subscription to a Graphene Fund to be managed for the benefit of BVT.

·The equity subscriptions set out above are expressly conditional on any investor being allowed to conduct customary and proper due diligence on Versarien and the due diligence findings being materially consistent with all the public disclosures made by Versarien; and on the terms and conditions of the equity subscription agreements (other than the subscription price) being standard and customary for similar transactions in the United Kingdom.

·It should be noted that no party has committed to acquire any new shares in the Company or underwrite any equity fundraising pursuant to the Versarien Share Subscriptions and there can be no certainty that any of these subscriptions will occur.

·The execution of definitive agreements to complete each stage of the equity subscription will depend on a number of other practical factors, including:

o  Due diligence;

o  Identification of an appropriate investor;

o  Versarien confirming certainty of the proposed investor's funding; and

o  If the ultimate investor once identified proposes funding from within mainland China, such funding is likely to be subject to PRC currency exchange controls.

Backstop Arrangements

· If Versarien has not received income under the Head License Agreement totaling RMB 35 million (approximately £4.2 million) within twenty-four months of issue of the Joint Venture business licence VGHK shall be entitled to purchase from YG its entire equity interest in BVT at a nominal price of RMB10 (approximately £1) and YG shall accept such purchase of its equity interest.

·  If YG fails to procure a definitive agreement for Versarien for the first Versarien Share Subscription due by 30 June 2020, Versarien shall be entitled to purchase from YG all its equity interest in BVT at the nominal price of RMB10 (approximately £1) and YG shall accept such purchase of its equity interest.

Commenting on the Agreement, Neill Ricketts, Chief Executive Officer of Versarien, said: "Despite the impact of Covid-19 around the world, the Company has been able to continue to make progress on executing its strategy in China, as illustrated with the confirmation of this joint venture agreement. As highlighted in our February 2020 update, discussions are continuing to facilitate an equity investment in Versarien."  

Tags:  Beijing Institute of Graphene Technology  Graphene  Neill Ricketts  Versarien  Young-Graphene Beijing Technology Ltd 

Share |
PermalinkComments (0)
 

Versarien plc subscription to raise £6 million

Posted By Graphene Council, Friday, March 27, 2020
Versarien plc the advanced materials engineering group, is pleased to to announce that it has entered into a £6 million subscription agreement with Lanstead Capital Investors LP ("Lanstead"), a US managed institutional investor, together with a related sharing agreement ( the "Sharing Agreement") .

Highlights

· Subscription for 15,000,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") (the "Subscription Shares") by Lanstead at an issue price of 40 pence per Subscription Share (the "Issue Price") to raise gross proceeds of £ 6 million , representing approximately 9.74 % of the Company's existing issued share capital (the "Subscription"). The issue price represents a 53.8 % premium to the closing mid-market price on 20   March 2020 .

· The £ 6 million gross proceeds of the Subscription will be pledged by the Company pursuant to the Sharing Agreement with Lanstead. The Sharing Agreement, details of which are set out below, entitles the Company to receive back those proceeds on a pro rata monthly basis over a period of 24 months, subject to adjustment upwards or downwards each month depending on the Company's share price at the time.

· The Sharing Agreement provides the opportunity for the Company to benefit from positive future share price performance ; an underlying reason for undertaking the fund raise in this way.

· The proceeds of the Subscription , when added to the c.£2.2 million of cash and headroom available under the Group's facilities as at 29 February 2020, will be used primarily by Versarien to advance its graphene commercialisation strategy , as well as for general working capital purposes.

Neill Ricketts , Chief Executive Officer of Versarien , commented:
"We are delighted to welcome Lanstead as a significant institutional shareholder in Versarien . The proceeds of the Sharing Agreement will underpin our activities over the next two years.

"T he mechanics of the Sharing Agreement allow   Versarien to benefit from future share price appreciation and reflect an alignment of both the Company and Lanstead's belief in the potential for substantial value enhancement for shareholders through the execution of our graphene commercialisation strategy.

"With the Company having a sound financial base and despite the background of the current global Covid-19 pandemic, I am confident that the Company will continue to make significant progress in the coming months.  In particular, we continue to advance our discussions in China and elsewhere and this fund raise does not preclude us from obtaining additional funding from other sources to accelerate the development of our graphene commercialisation strategy should appropriate value enhancing options be available."

Introduction

Lanstead has conditionally agreed to subscribe for 15,000,000 Subscription Shares at the issue price of 40 pence for gross proceeds of £ 6 million . The Subscription proceeds will be pledged to Lanstead under the Sharing Agreement pursuant to which the Company is entitled to receive back those proceeds on a pro rata monthly basis over a period of 24 months, subject to adjustment upwards or downwards each month depending on the Company's share price at the time.

A significant factor in Versarien 's decision to enter into the Subscription is that the Sharing Agreement provides the opportunity for the Company to benefit from positive future share price performance.  There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements and the amount available in subsequent months is not affected.  Whilst the Company notes the corresponding risk that a fall in Versarien 's share price could reduce the amount of proceeds received, as explained below, the Directors expect the Company's graphene commercialisation   strategy to make considerable positive advancements over the 24 -month term of the Sharing Agreement. If these advancements are successful, and if the success of these advancements is reflected in Versarien 's share price, the Company expects the proceeds to be received back from Lanstead to exceed the amount pledged under the Sharing Agreement.

Further information on the Subscription

Pursuant to the subscription agreement between the Company and Lanstead (the "Subscription Agreement"), 15,000,000 Subscription Shares will be issued to Lanstead at 40 pence per Subscription Share for an aggregate subscription of £ 6 million before expenses.

The Subscription proceeds of £ 6 million will be pledged to Lanstead under the Sharing Agreement under which Lanstead will then make, subject to the terms and conditions of that Sharing Agreement, monthly settlements (subject to adjustment upwards or downwards) to the Company over 24 months, as detailed below. As a result of entering into the Sharing Agreement the aggregate amount received by the Company under the Subscription and the related Sharing Agreement may be more or less than £ 6 million , as further explained below.

The Sharing Agreement

As part of the Subscription, the Company will enter into the Sharing Agreement, pursuant to which Versarien will return the £ 6 million gross proceeds of the Subscription to Lanstead.  The Sharing Agreement will enable the Company to benefit from any share price appreciation over the average Benchmark Price of 53.33 pence (as defined below). However, if the Company's share price is less than the average Benchmark Price then the amount received by the Company under the Sharing Agreement will be less than the gross proceeds of the Subscription which were pledged by the Company to Lanstead at the outset.

The Sharing Agreement provides that the Company will receive 24 monthly settlement amounts as measured against a n average benchmark share price of 53.33 pence per Subscription Share (the "Benchmark Price"). The monthly settlement amounts for the Sharing Agreement are structured to commence approximately two month s following the admission to trading on AIM of the Subscription Shares.

If the measured share price (the "Measured Price"), calculated as the average volume weighted share price of the Company's Ordinary Shares over a period of 20 trading days prior to the monthly settlement date, exceeds the Benchmark Price, the Company will receive more than 100 per cent. of that monthly settlement due on a pro rata basis according to the excess of the Measured Price over the Benchmark Price. There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements and the amount available in subsequent months is not affected.  Should the Measured Price be below the Benchmark Price, the Company will receive less than 100 per cent. of the monthly settlement calculated on a pro rata basis and the Company will not be entitled to receive the shortfall at any later date.

For example, if on a monthly settlement date the calculated Measured Price exceeds the Benchmark Price by 10 per cent., the settlement on that monthly settlement date will be 110 per cent. of the amount due from Lanstead on that date. If on the monthly settlement date the calculated Measured Price is below the Benchmark Price by 10 per cent., the settlement on the monthly settlement date will be 90 per cent. of the amount due on that date.  Each settlement as so calculated will be in final settlement of Lanstead's obligation on that settlement date.

Assuming the Measured Price equals the average Benchmark Price on the date of each and every monthly settlement, Versarien would receive aggregate proceeds of £ 6 million (before expenses) from the Subscription and Sharing Agreement.

The Company will pay Lanstead's legal costs incurred in the Subscription and in entering into the Sharing Agreement and, in addition, has agreed to issue to Lanstead 750,000   new Ordinary Shares (" Value Payment Shares ") in connection with entering into the Sharing Agreement.

In no event will fluctuations in the Company's share price result in any increase in the number of Subscription Shares issued by the Company or received by Lanstead. A decline in the Company's share price would not result in any advantage accruing to Lanstead and the Sharing Agreement allows both Lanstead and the Company to benefit from future share price appreciation.

In total, Lanstead will be issued with 15,750,000 new Ordinary Shares pursuant to the Subscription which, when issued, will equate to approximately 9.28 per cent of the Company's Enlarged Issued Share Capital.  No shares, warrants or additional fees are owed to Lanstead at any point during this agreement other than those disclosed above.

The Subscription Shares and the Value Payment Shares will rank pari passu with the existing Ordinary Shares and application has been made for their admission to trading on AIM ("Admission"). The Subscription is conditional, inter alia , on Admission and there being: (i) no breach of certain customary warranties given by the Company to Lanstead at any time prior to Admission; and (ii) no force majeure event occurring prior to Admission. Application will be made to the London Stock Exchange for the Subscription Shares and the Value Payment Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 26 Ma rch 20 20 .

Total Voting Rights

Following the issue of the Subscription Shares and the Value Payment Shares , the Company will have 169,682,290 ordinary shares of 1p each in issue. The figure of 169,682,290 may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules

Tags:  Graphene  Neill Ricketts  Versarien 

Share |
PermalinkComments (0)
 

Versarien plc US graphene operations update

Posted By Graphene Council, Tuesday, January 21, 2020
Versarien plc is pleased to provide an update on its US graphene operations. The Company continues to make progress with current and potential partners in the US.  As announced on 27 June 2019, the Company appointed Brian Berney as President of North American Operations at Versarien Graphene Inc., reporting to Neill Ricketts, CEO of Versarien.  Since then the Company has continued to enter into confidentiality agreements with potential partners to examine collaborations and develop trials in the region, including in particular, with a global tyre manufacturer.

Versarien has strengthened its US profile by attending two trade missions in Q4 2019, supported by the UK government.  In October 2019, Versarien attended the UK Supplier Showcase in Wichita, in conjunction with Spirit AeroSystems, and in December 2019 the Company was part of Innovate UK's Global Business Innovation Programme to Boston, which focused on graphene applications and technology in the electronics, composites and energy sectors.

Versarien Graphene, Inc. has a serviced office location.  Brian Berney, who is the only full-time employee in the US, is supported by the UK Company team, including from within the Company's laboratory facilities at the Graphene Engineering Innovation Centre in the UK. The Company also has access to third party laboratory facilities in Texas, which are utilised on a flexible basis and only as required.  This strategy is in line with the Group's approach to keep cost to a minimum and utilise customer's R&D facilities, where possible, as well as the Company's R&D expertise and available facilities in the UK.

Tags:  Brian Berney  composites  Electronics  Graphene  Graphene Engineering Innovation Centre  Neill Ricketts  Versarien  Versarien Graphene 

Share |
PermalinkComments (0)
 

Airbus Graphene Flagship Project

Posted By Graphene Council, Thursday, December 19, 2019
Versarien Plc, the advanced materials engineering group, is pleased to announce that it has been selected to participate in the Graphene Flagship project led by Airbus (the "Project").

Funded by the European Commission, the Graphene Flagship facilitates cooperation between its partners, accelerating the timeline for industry acceptance of graphene technologies. The Project that Versarien will participate in will be led by Airbus and will focus on graphene enhanced thermoelectric ice protection systems.

Ice accumulates on the surfaces of airplanes affecting the pilot's control of the aircraft. Thermoelectric ice protection systems prevent this from happening using an ultra-thin conductive layer to generate heat. The Project, which is categorised by the Graphene Flagship as a "Spearhead", large-scale commercialisation project, aims to develop graphene-based thermoelectric ice protection systems and to advance the technology readiness level of graphene in these systems.

To fund Versarien's participation in the Project it has received approval for a €350,000 grant from the Graphene Flagship.

Elmar Bonaccurso, Senior Scientist and Project Manager for Surface Technology at Airbus, commented: "Airbus has been following the Graphene Flagship from the beginning. Now, after six years of successful research and development, we are at the right point to step in with a larger project. We expect that, by using graphene as a material for ice protection systems, we can reduce the complexity of these systems to create a system that uses less energy, reduces fuel consumption and allows us to become more environmentally friendly in aviation."

Neill Ricketts, CEO of Versarien, commented: "We are very pleased to be working with Airbus on this key Graphene Flagship project and to be receiving funding from the Graphene Flagship to facilitate it. This is another example of Versarien's graphene technology being deployed in the aerospace sector, one where it has the potential to add significant value. We look forward to starting work on this project in the New Year and reporting on its progress and those of our many other commercialisation projects in due course."

Tags:  Airbus  Elmar Bonaccurso  European Commission  Graphene  Graphene Flagship  Neill Ricketts  Versarien 

Share |
PermalinkComments (0)
 

Interim Results for the six months ended 30 September 2019

Posted By Graphene Council, Friday, December 13, 2019
Versarien plc (AIM: VRS), the advanced engineering materials group, recently announced its interim results for the six months ended 30 September 2019, a period in which the Company made further progress with its graphene commercialisation strategy.
Financial Highlights

•    Group revenues of £4.38 million (H1 2018: £5.22 million)

•    Adjusted LBITDA* of £0.90 million (H1 2018: £0.36 million)

•    Loss before tax of £2.12 million (H1 2018: £0.79 million)

•    Cash of £2.64 million at 30 September 2019 (30 September 2018: £6.07 million)

•    Net assets of £11.87 million (30 September 2018: £12.32 million)

* Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and Amortisation) excludes exceptional items and share-based payment charges

Operational Highlights

•    First graphene company in the world to complete the US Graphene Council's "Verified Graphene Producer" programme

•    Continued progress in international expansion, including receiving the first graphene orders in the US and Japan

•  Large-scale industrial prototype to improve rail transportation infrastructure, using Versarien's graphene enhanced polymer technology showcased and successfully in test to date.

•    Successfully incorporated wholly foreign owned enterprise in China (Beijing Versarien Technology Company Limited) with a business license granted by the relevant Chinese authorities

•    Receipt of EU REACH approval to manufacture up to ten tonnes of graphene per annum

•    Significant improvement in financial performance compared to H1 2018 for the Group's hard wear and metallic products businesses

Post Period Highlights

•   Commercial partnership agreement signed with the Company's textile sector collaboration partner, MAS Innovation (Private) Limited, the first demonstration of Versarien's graphene commercialisation strategy with a major global partner

•    Further global success with a collaboration agreement signed with Refractory Solutions Insertec S.L.U. a Company headquartered in Spain

•    Non-binding heads of terms signed with Jinan Bo Guan Building Engineering Co., Ltd ("JBG") to form a manufacturing joint venture located in Zhucheng City, Shangdong, providing further opportunities in China in addition to the ongoing discussions and progress with Beijing Institute of Graphene Technology Co. Ltd ("BIGT") and the China International Graphene Industry Union ("CIGIU")

•    Graphene incubation facility being established in Fangshan with CIGIU/BIGT in line with AGM statement and contractual negotiations continuing

Neill Ricketts, CEO of Versarien, commented:

"Over the period under review and subsequently, we have been progressing our business both in the UK and globally. The focus remains on our graphene commercialisation strategy and we are now actively working on 40 mainstream projects with our commercial partners, have a further 24 projects underway and active research ongoing on another 17.  We continue to focus on the projects most likely to produce near-term significant revenue streams.  These include graphene-enhanced transportation arches, 3D printing of concrete, aircraft interior parts, parts for down hole drilling in the oil and gas sector and graphene enhanced textiles.

"The Company has scaled up its manufacturing capacity to be able to produce three tonnes of graphene per annum and with the award of Graphene REACH registration, we are now in a position to be able to supply product as we near commercialisation. The large-scale industrial prototype arch showcased clearly demonstrates the significant benefits graphene technology can bring. We are also looking at opportunities  to secure long term supply agreements with high quality graphite mines.

"Discussions with the Beijing Institute of Graphene Technology Co. Ltd and the China International Graphene Industry Union are still ongoing, aided by having been granted a business license for our Wholly Foreign Owned Enterprise ("WFOE") in China. In line with the AGM statement, we have collaborated with CIGIU/BIGT and have registered the WFOE at the recently publicised Beijing Graphene Industry Innovation Centre Seed Incubation Park. We continue to maintain our primary position which is to ensure, so far as reasonably possible, that we protect our IP and therefore continue to assess other opportunities for factory location which are put to us in addition to any that may be proposed under the BIGT/CIGIU process.

"We have also signed a non-binding term sheet with the intention of  setting up manufacturing in Shangdong. under a joint venture between Versarien and Jinan Bo Guan Building Engineering Co., Ltd with  controlling ownership residing with Versarien.  JBG would, together with associates, be responsible for the construction of a graphene valley park over a three-year period and JBG have expressed an interest in taking a strategic investment stake in Versarien as part of any transaction. Legally binding contracts have yet to be signed and updates on progress will be made in due course.

"As well as progressing our technology base it is pleasing to note that our hard wear and metallic products business has shown a significant increase in profitability on stable sales following the efficiency improvements that were implemented in the last financial year.

"We continue to use the cash received from our placing last year to develop application IP through our collaborations, to expand into Europe, the USA, China and South Korea as well as to develop new products such as Biogrene. Together with our accreditation as a verified graphene producer we are confident for the future ahead and look forward to reporting further success over the coming months."

Tags:  Beijing Institute of Graphene Technology  Graphene  Jinan Bo Guan Building Engineering  MAS Innovation  Neill Ricketts  Refractory Solutions Insertec  Versarien 

Share |
PermalinkComments (0)
 

Versarien signs textile commercial partnership agreement with MAS

Posted By Graphene Council, Thursday, November 28, 2019
Versarien Plc, the advanced materials engineering group, has signed a Commercial Partnership Agreement with textile sector collaboration partner, MAS Innovation (Private) Limited.

Twinery – Innovations by MAS is part of MAS Holdings, a holding company for a portfolio of businesses with a combined revenue of c.US$2 billion which are positioned as one of the world’s most recognised design to delivery solution providers in apparel and textile manufacturing.

MAS is also the largest apparel and textile manufacturer in South Asia.  MAS Holdings is headquartered in Sri Lanka and has 53 manufacturing facilities across 16 countries, with design locations placed in key style centres across the globe and over 99,000 people involved in its operations.

Versarien and MAS have been collaborating since signing a collaboration agreement, as announced on 8 January 2018, to develop new garments utilising Versarien’s graphene ink materials, with several prototypes already having been developed, wearer trials conducted and rigorous testing carried out by a leading UK accredited test house.

The Agreement sets out the basis under which the parties will operate with the objective of securing commercial orders or contracts for garments developed using Versarien’s proprietary graphene ink materials.  The Agreement allows both parties to finalise additional contractual terms with third party brands.  Due to the Agreement’s confidentiality terms and commercial sensitivity, further specific product information may not be disclosed until products are launched into the market.

Neill Ricketts, CEO of Versarien, commented:  “We are delighted to have secured a commercial partnership with MAS, a global apparel manufacturer at the forefront of innovative garment manufacture.  The is the first demonstration of our graphene commercialisation strategy with a major global partner moving from the stage of having a collaboration agreement, through signing a letter of intent, to entering into a full commercial partnership agreement.

“We look forward to working with MAS and its customers to bring innovative graphene enhanced garments to the global marketplace.”

Tags:  Graphene  MAS  Neill Ricketts  Versarien 

Share |
PermalinkComments (0)
 

NovoCarbon Enters Collaboration Agreement with Versarien Graphene

Posted By Graphene Council, Monday, May 13, 2019
Updated: Tuesday, May 14, 2019

Great Lakes Graphite Inc., doing business as NovoCarbon Corporation, announced that the Company and Versarien Graphene have executed a collaboration agreement.

Highlights

  • Versarien will qualify NovoCarbon as a supply chain partner.
  • The Companies will develop a robust graphene supply chain with processing in the USA.
  • The Companies will work to enable a number of applications for a variety of industries.
  • The collaboration between Companies will afford opportunities to create a strong market presence and an improved ability to target significant technology opportunities.


Neill Ricketts, CEO of Versarien plc said, “We are very pleased to have our dedicated facility in Houston up and running. This has enabled us to more efficiently progress a number of new and existing relationships and accelerate our traction in the US. We now have relationships with over 25 companies in North America, encompassing sectors as diverse as automotive, aerospace, consumer goods, oil and gas, sports equipment and specialty plastics."

“We continue to receive a high number of enquiries for the supply of our graphene and other 2D materials from leading US companies and others globally. Versarien is now truly operating on a global basis and I look forward to providing further updates on our activities with our multiple collaboration partners in due course.”


NovoCarbon CEO Paul Ferguson said, “NovoCarbon’s mission is to enhance the ability of companies such as Versarien to serve their customers and markets with consistent, high quality materials.  We are excited to be working with Versarien and their highly capable team.”

Tags:  2D materials  Great Lakes Graphite  Neill Ricketts  NovoCarbon  Patrick Abbott  Paul Ferguson  Versarien 

Share |
PermalinkComments (0)
 
Page 1 of 2
1  |  2